5/11 Risk 5: Bad Tenants😭
What scares most Property Investors……..Bad Tenants!
We’ve covered this earlier in the series but as a reminder, you want to buy in the middle of the market. You also want to ensure you have a good rental manager that loves you so that they will do all of the necessary checks to ensure you are getting the best tenant. The low end of the market is where you generally get bad tenants and the high end of the market has low rental returns.
The middle of the market is usually where you find a lot of government employees with a middle-market income. These sorts of people are great tenants because regardless of economic circumstances, they’ll always have a paycheck and are more likely to stay put for a while. As the landlord, you ultimately accept your tenants. So you can do a simple check in the national TICA database to screen for bad renting histories and avoid accepting those applicants. It’s also a good idea to avoid a house share option too. That’s often a way that bad tenants who can’t rent a property because of their bad history will sneak into your property under someone else. Always make sure all adults living in your property are checked and on the lease!
Risks can be scary when buying a property but if well managed and with the right guidance you will not have to worry about them! Keep joining me next up we look at the risk of Natural Disasters.
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